The shale gas operator that intends to frack at Kirby Misperton by Christmas has failed to file its company accounts on time for the second year running.
Third Energy UK Gas Ltd, along with four other Third Energy companies, should have filed annual accounts for 2016 by a deadline of a fortnight ago.
In January 2017, DrillOrDrop reported that Third Energy UK Gas Ltd was warned that it had a month to file its 2015 accounts or face being struck off the company’s register.
A similar warning was also issued to it in 2013 over its 2011 accounts.
When Third Energy UK Gas Ltd finally issued its 2015 accounts, four months late, it recorded a loss of £3.854m for the year ending 2015. It also owed more than £50m to parent and sister companies (DrillOrDrop report).
The other Third Energy companies that should also have filed by the end of September 2017 are: Third Energy Offshore Ltd, Third Energy Services Ltd, Third Energy Trading Ltd and Third Energy Onshore Ltd.
The immediate parent company of Third Energy UK Gas Ltd is Third Energy Onshore Ltd. Its 2015 accounts recorded net current assets of £262,000. The ultimate parent company is Third Energy Holdings Ltd, based in the Cayman islands.
Third Energy Holdings Ltd established four companies which were all threatened this week with dissolution for failing to file accounts by their due date of 17 August 2017.
They are: Third Energy Ltd, Third Energy Petroleum Ltd, Third Energy Oil and Gas Ltd, Third Energy Gas Ltd.
On Wednesday evening (13 October 2017), DrillOrDrop invited the Third Energy group of companies to explain the reason for the accounting delays. This post will be updated with any response.
Last year, the company told DrillOrDrop:
“The 2015 accounts are in the process of being finalised. The company, and others in the Third Energy Group, have always and will continue to file their accounts in the proper manner.”
“Seeking to hide greater losses”
The campaign group, Frack Free Ryedale, said today:
“Campaigners suspect that the company could be filing their 2016 loss late to hide even greater losses this year prior to fracking operations commencing at Kirby Misperton.”
Frack Free Ryedale said people living around Kirby Misperton were concerned about Third Energy’s ability to deal with any contamination if it went out of business. The group pointed to fracking companies that had gone bankrupt in the US, leaving pollution for communities and local authorities to clean up.
In 2016, Frack Free Ryedale asked the High Court to order the company to provide a financial bond. But the court rejected the proposal.
Sue Gough, who lives in Little Barugh, half a mile from the fracking site, said:
“What have Third Energy got to hide? The health concerns with fracking are massive, and there are enormous costs associated with the disposal of potentially half a million gallons of waste water per frack. It is deeply troubling that this company appears unable or unwilling to publicise its finances.”
Leigh Coghill, of Frack Free Ryedale, said:
“Third Energy are yet again demonstrating their lack of concern for procedure and process. This has happened with tedious regularity ever since we started watching them in 2014.”